Indonesia Investment Authority

Purpose

Indonesia Investment Authority (INA) is Indonesia’s first sovereign wealth fund, operates under a dual mandate: supporting sustainable economic development and generate long-term wealth for future generations. This mandate forms the foundation of INA’s investment and financing strategies.  INA partners with leading global and domestic investors to deploy capital across priority sectors, including infrastructure, green and blue economy, digital, healthcare, and advanced materials. To achieve this, INA invests across a broad range of asset classes and investment structures, including equity, hybrid capital, and investment funds.

Source of Funds

INA’s capital is provided by the Government of Indonesia in the form of initial capital and subsequent capital injections, through state equity participation. The initial capital was provided at INA’s establishment in 2020, followed by further capital injections in 2021.

Governance

INA operates under a two-tier governance structure consisting of the Supervisory Board and the Board of Directors. The Board of Directors is responsible for the management and operations of INA and has full accountability for the overall portfolio and its governance, including investment decisions, strategic asset allocation, and the effective management of capital provided by the Government. The Board of Directors comprises seasoned professionals from leading institutions and corporations, bringing together a diverse range of expertise necessary to manage and oversee a global investment portfolio. The Board of Directors is assisted by several internal committees, with each committee operates under a formal charter that clearly defines its mandate, authority, and responsibilities, ensuring structured oversight and disciplined decision-making across key areas of INA’s operations.

The Supervisory Board oversees the performance and governance of INA by the Board of Directors. It comprises two ex-officio members representing the Government of Indonesia; the Minister of Finance, the Head of State-Owned Enterprises Regulatory Agency (BP BUMN), along with three independent professional members who provide external expertise and oversight.

INA is committed to maintaining a robust governance framework guided by Government Regulation No. 74 of 2020 and further implemented through internal regulations issued by the Board of Directors.

Reporting

INA prepares quarterly and annual financial statements in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). INA’s annual audited financial statements are submitted to the Supervisory Board and the President of the Republic of Indonesia, together with INA’s Annual Report and the Supervisory Board’s Accountability Report.

Investment & Risk Management

INA maintains full authority in its investment decision-making within its governance framework, while achieving optimal risk adjusted returns. INA’s investment approach focuses on identifying opportunities that generate long-term value creation for Indonesia while maintaining a disciplined investment framework. Each investment transaction is assessed individually, recognizing that different transactions require tailored structuring approaches. In structuring investments, INA follows international best practices and may engage external advisors to ensure appropriate governance, investor protections, and alignment with global standards. INA’s risk governance framework adopts the Three Lines of Defence model, which clearly defines roles and responsibilities across the organization for identifying, assessing, monitoring, and reporting risks. This framework also ensures that adequate policies, controls, and procedures are in place so that INA’s operations remain within its defined risk appetite.